The Pound extended its slide lower Tuesday as markets responded to the latest IHS Markit manufacturing PMI, which appeared to suggest the recent economic slowdown may have extended into the second-quarter.

The Pound pared back earlier gains during the morning session Wednesday after the latest round of industrial data from the Office for National Statistics showed output from Britain’s manufacturing and construction sectors surprising on the downside for the month of February.

UK manufacturing output has grown 3% since the referendum when it should have grown by around 11%, according to Bank of America, who observe that links between UK and European industrial sectors are already weakening.